The Steemit Crypto Academy Week 5: All About Blockchain Security. For @gbenga by @endersontowers


Make a Post about a Security problem with Cryptocurrency and Share a personal experience if possible.


As everyone knows the world of cryptocurrencies if you do them with caution and with great care, you can have many economic benefits, but unfortunately everything good always has something bad, in this case we can say that it is your security on the network, as they are Decentralized currencies need to be in a well hidden and very well protected wallet, for this many wallets work every day to make sure they have the best possible security and do not have hack problems or some type of malware that endangers a large part of their investors . For this reason there are cybercriminals in search of the weakness of each wallet, or they spread some malware disguised in hidden files that seem harmless, and for those who do not have knowledge of it it is something fatal. For this reason, each wallet has its own security mode, either by creating a seed phrase in an established order which you have to keep well in a safe place because there is no way to recover it if you lose it, or by acquiring a portable or usb wallet, for a good safeguarding our assets.

Fraud in Adulteration of payment information or phishing

We know this fraud for being associated with infectious malware when we are going to carry out a transaction in any wallet to a third person, once we have the sender's shipping address, when we copy it and we are going to paste it into the wallet, the infected malware acts as yours and automatically changes the shipping address to that of the criminal, so you have to insistently check the shipping address once it is stuck in your wallet.

Hacking a payment bridge

In June 2017 the Ethereum classic wallet, with a genuine website, began to divert and take money from people, which caused an uproar among users, what happened was that hackers used social engineering to deceive the owner of the website and they entered it with malware, making him silently believe that they were the owners of the domain, stealing more than 300 thousand dollars. But thanks to the security measures, they were able to realize in time and solve the problem in time before it went to major damage.

User shipping address error

All cryptocurrencies have some definite risks. Example, you can lose money due to an error in the sender's address, these types of cases are very common in inexperienced users.

Loss of a wallet seed phrase or file

There are a large number of users who are relatively inexperienced or who trust their computers or smartphones so much that they save very sensitive information from their wallets without any backup, this can be affected by some malware, HD lock or in the case of phones, loss of it.

Unsafe ICOs

Since a couple of years ago, the investment of small cryptocurrencies that are starting in the market is very popular, since many of the currently powerful cryptocurrencies have emerged in that way, but as we know there are many criminals who take advantage of that and They create new coins under the name of icos, they apply social engineering and web marketing with the users and many of them inexperienced or some with experience are lured by this scam and lose their money. Of course, all the icos are not false, but we would go into the topic of cryptocurrencies in the cloud, since we would depend on a domain and its reliability.

My personal experience


One of my personal experiences was in the year 2017-2018 when bitcoin increased by more than 20 thousand dollars, since then a large number of icos went out to the world market with thousands of tentative offers to attract the investor, as it did not have much knowledge about it and I saw that the btc was born in the same way, I thought that if I bought that type of currencies and waited a while, their value would increase, I investigated as much as I could and with the little knowledge I had I made the decision to invest in areszcoin and Libracoin, both had very good marketing and social engineering, an excellent website among many other things. I was very aware of the launch day of the new currency in the market, but just before going to the market the domains began to fail and the administrators commented that they were repairing failures in the system and to this day the website is still down , that day I experienced a lot of frustration because I lost a lot of money, just as I had many people scammed by thousands of fraudulent cryptocurrencies in the market.
Nowadays we have to be very cautious and we have to take countless things into account before investing in a cryptocurrency, one of the things we must take into account is to verify the shipping address well, in the case that you are going to transfer, write your seed phrase or the verification of your wallet on paper and save it, investigate very well if you want to invest in an ico or cryptocurrency since it is your decision to invest in it, nobody forces you to do it, caution when accepting a file without knowing who it is, and where it came from, since your computer can be affected by harmful malware.

For me it is an honor to be able to help whenever I can in these types of activities and more to continue learning every day of the crypto world, this topic is very good, and I love being able to help someone without knowledge or being able to clarify some doubts for those who handle the subject .
Thank you very much professor for these security issues in the blockchain.

Thanks again, great topic.

Comments 4

Greetings teacher, I am worried that my homework takes 3 days and it is still not corrected, I hope it is well and I can rate it on time, thank you very much @gbenga

14.03.2021 18:38

Hello @endersontowers, I must commend your ability to participate in this week's assignment and being a part of the class. I read through your post and although you made some very impressive points, your use of English isn't fluent.

You should use writing assistant such as Grammarly to help improve your writing.

Rating 3

15.03.2021 11:58

Hola profe @gbenga esta es un publicacion mia de la semana pasada que se le perdio porfavor revise

15.03.2021 13:05

I understand professor, but I see that it is very little grade for the work done, can I repeat it with that statement that you mentioned? Or is there a possibility of reaching an agreement on something to raise the grade? @gbenga

15.03.2021 19:34